The Ontario legislature’s front entrance at Queen’s Park in Toronto in a file photo. The Canadian Press/Chris Young
Ontario’s Financial Accountability Officer (FAO) says the province is not currently projected to balance its budget, with spending increasing and government revenue declining.
The province’s financial watchdog noted in a Feb. 11 report that the Ontario government’s deficit will increase from $1.1 billion in the 2024–2025 fiscal year to $11.1 billion this fiscal year. The report said this “significant” deficit increase is due to a 3.2 percent rise in spending combined with a 1.2 percent fall in revenue, “primarily due to lower non-tax revenues.” In a recent update, the provincial government had set the projected deficit for 2025-26 at $13.4 billion.
